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Stop searching for the 'Holy Grail', work on yourself!

  • #101
  • Apr 18, 2019 7:20am Apr 18, 2019 7:20am
Here's insight on the significance of proper and adequate preparation coming from one of the world's greats:

'Give me six hours to chop down a tree and I will spend the first four sharpening the axe.' – Abraham Lincoln

KP

Quoting KeenPips
Here's to the power and importance of pre-market analysis and preparation: ‘The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.’ Jack Schwager – Author of Market Wizards KP {quote}
Do your homework, follow the footprints of smart money
  • #102
  • Apr 18, 2019 8:20am Apr 18, 2019 8:20am
Below is a price action video you may find helpful. As always, I have no financial interest in the presenter neither am I presenting them as a guru to follow.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #103
  • Apr 19, 2019 11:47am Apr 19, 2019 11:47am
What have you learned this week that could improve your trading? Share it here.

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #104
  • Apr 23, 2019 3:06am Apr 23, 2019 3:06am
Last week further confirmed to me the value of patience. In particular, that waiting is part of trading. I didn't trade last week but took time to monitor and track price action on the pairs I screened for tracking. What about you? What did you learn last week that could advance your trading?

Trade safe and prosper.

KP

Quoting KeenPips
What have you learned this week that could improve your trading? Share it here. Trade safe. KP
Do your homework, follow the footprints of smart money
  • #105
  • Apr 23, 2019 3:49am Apr 23, 2019 3:49am
How much value do you put on money management and risk control? Here's how a trading legend sees it:

‘At the end of the day, the most important thing is how good you are at risk control.’ - Paul Tudor Jones

KP
Do your homework, follow the footprints of smart money
  • #106
  • Apr 23, 2019 4:02am Apr 23, 2019 4:02am
Personally, my first concern is the protection of my trading capital. I want to have enough money in my trading account to take advantage of future profitable trading opportunities because the markets are always there as long as Forex trading is legal. So, apart from looking for A+ setups on a time frame that suits my trading style, I refuse to chase prices, accepting to miss trading opportunities that do not meet my R:R profile. I also minimize my capital exposure.

What about you, how do you control risk in Forex trading?

Trade safe.

KP

Quoting KeenPips
How much value do you put on money management and risk control? Here's how a trading legend sees it: ‘At the end of the day, the most important thing is how good you are at risk control.’ - Paul Tudor Jones KP
Do your homework, follow the footprints of smart money
  • #107
  • Apr 23, 2019 4:33am Apr 23, 2019 4:33am
Quoting KeenPips
How much value do you put on money management and risk control? Here's how a trading legend sees it: ‘At the end of the day, the most important thing is how good you are at risk control.’ - Paul Tudor Jones KP
Imo there are 4 main aspects to be aware of, management is of course one of them, the other 3 are entry, s/l and t/p levels.

Take a simple analogy....let's say earth, sun, water, gravity and the moon.

Take any one of those away and humans couldn't exist, they each need one another in other words.

Trading is no different, the elements I mentioned must be equally considered and are of equal importance (as per the above simple analogy) in order to be successful because if any of them are incorrect, then the trader will lose no matter what their method is.
  • #108
  • Apr 23, 2019 4:45am Apr 23, 2019 4:45am
Good point, mate. As a matter of fact, the stop loss order, what I refer to as capital protection order (CPO) is an important part of risk control. The same thing can be said of picking a highly feasible trade setup and a precisioned entry. Sadly, many of us in this business are careless in those two areas. We think mainly of the money we want to make and get careless with bad trade setups and entry, too tight a CPO and often no CPO at all regardless of the trading conditions.

Trade safe.

KP


Quoting Landline
{quote} Imo there are 4 main aspects to be aware of, management is of course one of them, the other 3 are entry, s/l and t/p levels. Take a simple analogy....let's say earth, sun, water, gravity and the moon. Take any one of those away and humans couldn't exist, they each need one another in other words. Trading is no different, the elements I mentioned must be equally considered and are of equal importance (as per the above simple analogy) in order to be successful because if any of them are incorrect, then the trader will lose no matter what their...
Do your homework, follow the footprints of smart money
  • #109
  • Apr 23, 2019 4:54am Apr 23, 2019 4:54am
While we are on this issue of capital protection or stop loss order, how do you set your cpo or slo?

KP
Do your homework, follow the footprints of smart money
  • #110
  • Apr 23, 2019 5:37am Apr 23, 2019 5:37am
Quoting KeenPips
While we are on this issue of capital protection or stop loss order, how do you set your cpo or slo? KP
In my case, I regulate any entry made in accordance to my previous post, ie all 4 elements to complement one another.

I've covered detail on this a few times....the essence being that risk can be offset any number of ways. Your thread as I understand it, is about concept rather than detail that others may glean original ideas for themselves which is perfectly fine.

But, consider this....suppose an approach that had a consistently profitable edge was exposed to the masses, how long would it be before that edge was dulled...not long I'm sure you'd agree.

Therefore, does it pay to give that edge away....of course not, unless a person wants to shoot themselves in the foot.

Everyone as you have pointed out, must work on finding their own edge...there are no giveaways in this game, after all, the stark reality is that I want most to be on the wrong side of any given market which naturally then increases the likelihood of a positive outcome for myself.
  • #111
  • Apr 23, 2019 6:07am Apr 23, 2019 6:07am
Well said, mate. However, I don't see any trader on FF as my rival or opponent in this business. I agree that a trader should not divulge everything but can still share helpful ideas, experience or skills with fellow FF members. While not giving details of how you place your slo, you may still share useful guideline on it.

Trade safe.

KP

Quoting Landline
{quote} In my case, I regulate any entry made in accordance to my previous post, ie all 4 elements to complement one another. I've covered detail on this a few times....the essence being that risk can be offset any number of ways. Your thread as I understand it, is about concept rather than detail that others may glean original ideas for themselves which is perfectly fine. But, consider this....suppose an approach that had a consistently profitable edge was exposed to the masses, how long would it be before that edge was dulled...not long I'm sure...
Do your homework, follow the footprints of smart money
  • #112
  • Apr 23, 2019 6:36am Apr 23, 2019 6:36am
Quoting KeenPips
Well said, mate. However, I don't see any trader on FF as my rival or opponent in this business. I agree that a trader should not divulge everything but can still share helpful ideas, experience or skills with fellow FF members. While not giving details of how you place your slo, you may still share useful guideline on it. Trade safe. KP {quote}
A couple of questions anyone can ask themselves....

1. Are you profitable

2 Are you satisfied with that level of profitability.

Theses are fundamental questions that should then open up where they may be going wrong in their approach.

a If answers are yes and yes, then job done you need do no more.

b If yes and no, then probably the entry, stops and tps need addressing to some degree.

c If no and no, then at least b, and perhaps full overhaul of approach is required

Patience, as you have reminded everyone is a special quality that not many have, and I am going to presume that the few that take note, also have patience, because swing trading can easily take days and weeks to mature.
  • #113
  • Apr 23, 2019 6:53am Apr 23, 2019 6:53am
I am happy with the useful engagement we are having here and you have raised some helpful questions. One thing to remember, which is always a guiding principle, is that past performance is not a guarantee for future success. In fact, a particular level of success under a particular condition may meet with a lower result under the same condition as a market does not react the same way even under the same condition. This is one reason for continuous improvement and awareness as a trader.

Trade safe.

KP

Quoting Landline
{quote} A couple of questions anyone can ask themselves.... 1. Are you profitable 2 Are you satisfied with that level of profitability. Theses are fundamental questions that should then open up where they may be going wrong in their approach. a If answers are yes and yes, then job done you need do no more. b If yes and no, then probably the entry, stops and tps need addressing to some degree. c If no and no, then at least b, and perhaps full overhaul of approach is required Patience, as you have reminded everyone is a special quality that not many...
Do your homework, follow the footprints of smart money
  • #114
  • Apr 23, 2019 7:21am Apr 23, 2019 7:21am
Fundamentally, imho, no matter how much a trader learns from, or knows about, another trader's strategy or system, they cannot achieve the same results unless the other person has a complete mastery of the system. So, talking about how I place my stop loss or capital protection order (cpo), I use the structure created by price action. As long as a setup meets my R:R profile, I will look for the most recent broken structure and place my cpo a few pips below it (for a buy trade) or above it (for a sell trade). I know some people use ATR, I don't; but I give enough room for the trade to breathe and place my cpo at an area where if price action breaches it, the directional bias I hold will be invalidated. Of course, once I place my cpo and set my profit target, I leave the market. I don't baby sit my trades.

I may be wrong. Trade safe and prosper.

KP

Quoting KeenPips
While we are on this issue of capital protection or stop loss order, how do you set your cpo or slo? KP
Do your homework, follow the footprints of smart money
  • #115
  • Apr 23, 2019 7:21am Apr 23, 2019 7:21am
Quoting KeenPips
I am happy with the useful engagement we are having here and you have raised some helpful questions. One thing to remember, which is always a guiding principle, is that past performance is not a guarantee for future success. In fact, a particular level of success under a particular condition may meet with a lower result under the same condition as a market does not react the same way even under the same condition. This is one reason for continuous improvement and awareness as a trader. Trade safe. KP {quote}
That is true, however, the options previously made should suggest to anyone that answer a, if fulfilled, means that any losses experienced are acceptable. That was the intention so that a trader can deduce for themselves what action, if any is required from them depending on their own honesty with the options given, and hence take any necessary corrective measures to improve their own performance.

Any approach will have losses, it's inevitable no matter how solid an approach is....mine does and I guess yours does too. So long as the overall profitability is satisfactory though, then that should become a working model irrespective of individual trades.
  • #116
  • Apr 23, 2019 7:26am Apr 23, 2019 7:26am
You can say that again. I am 100% in agreement

KP

Quoting Landline
{quote} ... Any approach will have losses, it's inevitable no matter how solid an approach is....mine does and I guess yours does too. So long as the overall profitability is satisfactory though, then that should become a working model irrespective of individual trades.
Do your homework, follow the footprints of smart money
  • #117
  • Apr 23, 2019 11:23am Apr 23, 2019 11:23am
Using top-down technical analysis can be particularly helpful but requires good practice. Below is a video that you may find valuable. As always, I have no financial interest in the presenter neither am I setting them up as a guru to follow.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #118
  • Apr 24, 2019 11:56am Apr 24, 2019 11:56am
Whether you are a scalper, day trader or swing trader, it would matter the boundary conditions you employ for trapping the markets you trade. Boundary settings, e.g. reversion to the mean, S/R role flip/role switch, chart patterns, pivots, reaction zones, confluence factors or whatever you choose to employ may be critical to the quality of your market entry, e.g. the probability of DD, quality of your stop loss order or your R:R profile. The degree of importance may vary for a scalper to a swing trader but trading with cognizance of such conditions could enhance your degree of success.

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #119
  • Apr 24, 2019 12:20pm Apr 24, 2019 12:20pm
My boundary conditions consist of confluence of factors including, in a trending market, reversion to the mean around an S/R zone but in a non-trending market consideration is likely to be chart pattern or candlestick formation taking cognizance of the HTF trend and the probability of getting a high R:R, otherwise I will wait or step aside. What about you, what factors do you consider? Any difference based on market conditions/market type?

Trade safe and prosper.

KP

Quoting KeenPips
Whether you are a scalper, day trader or swing trader, it would matter the boundary conditions you employ for trapping the markets you trade. Boundary settings, e.g. reversion to the mean, S/R role flip/role switch, chart patterns, pivots, reaction zones, confluence factors or whatever you choose to employ may be critical to the quality of your market entry, e.g. the probability of DD, quality of your stop loss order or your R:R profile. The degree of importance may vary for a scalper to a swing trader but trading with cognizance of such conditions...
Do your homework, follow the footprints of smart money
  • #120
  • Apr 25, 2019 10:08am Apr 25, 2019 10:08am
Having a feel of the market before entering it is important. But more important is tracking a specific pair and mastering its behavour under various market conditions. For this purpose, I use a demo trading account devoted to tracking and testing out new pairs before including them in my watch list. Does any member do this or something similar? How do you choose the markets/pairs you trade?

Trade safe.

KP
Do your homework, follow the footprints of smart money
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